The Real S&P Story

Posted by: Brenda Bowers on: August 9, 2011

• In: American Crash 2011 | Barack Obama | Constitution of the United States of America | Economy/Money | laws and regulations--stupidities | Obama admistration | Obama and ethics | Radical Left at War with America | Rep Paul Ryan chairman House Budget Committee | Republican House of Representatives 2011 | Republican House of Representatives 2011 | States revolt | Subverting America by Uri Bezmenov | United States taxes | US in Revolt
• 6 Comments

The Market is going DOWN in triple digits and the politicos are beating at each other  while the real story is a “pox on both their houses”.  Especially egregious is the MSM and Democrats demonizing and blaming the Tea Party for this whole mess, AND BEING BELIEVED!  How a newly elected 67 freshman law makers  in one part of a three part legislative process can have been to blame for anything is beyond me, but the ladies and a few gentlemen in my swim class  are blaming the Tea Party.  So just in case the story is the same out there perhaps you all need the real story from the horse’s mouth so to speak.  Please read the Standard and Poore’s own report.  it isn’t long.  Here is an excerpt:

Rationale
We lowered our long-term rating on the U.S. because we believe that the
prolonged controversy over raising the statutory debt ceiling and the related
fiscal policy debate indicate that further near-term progress containing the
growth in public spending, especially on entitlements, or on reaching an
agreement on raising revenues is less likely than we previously assumed and
will remain a contentious and fitful process. We also believe that the fiscal
consolidation plan that Congress and the Administration agreed to this week
falls short of the amount that we believe is necessary to stabilize the
general government debt burden by the middle of the decade.
Our lowering of the rating was prompted by our view on the rising public
debt burden and our perception of greater policymaking uncertainty, consistent
with our criteria (see “Sovereign Government Rating Methodology and Assumptions
,” June 30, 2011, especially Paragraphs 36-41). Nevertheless, we view the U.S.
federal government’s other economic, external, and monetary credit attributes,
which form the basis for the sovereign rating, as broadly unchanged.

I sincerely hope in all of thi9s you understand that the House Republicans sent no less than two bills to the Senate to solve this Debt Ceiling Crisis (beside the 2011 Budget!) and  Harry Reid wouldn’t even allow it to reach the floor of the Senate for discussion let alone vote.  All the Democrats and the creature in the White House could call for was a compromise so a compromise is what we got:  instead of the debt going up by 10 TRILLION over 10 years it will only go up by 7 TRILLION.  Remember the definition  of a compromise: A camel; is a horse designed by a committee by compromise.  Yes, Dear Reader, We the People got a camel from our federal government.  BB

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Tags: Congress at odds over Debt Ceiling, Downgrade August 2011, downgrade of the United States, s7p